KUALA LUMPUR (May 31): Serba Dinamik Holdings Bhd (KL:SERBADK) said on Friday it will appeal to Bursa Malaysia Securities against the regulator's decision to de-list the troubled oil and gas services provider from the exchange.

Bursa Securities had on Thursday notified Serba Dinamik that it would be delisted on June 5, after rejecting the Practice Note 17 (PN17) group's request for an additional six months to submit a regularisation plan.

Serba Dinamik was required to submit the plan by May 15, but it failed to meet the deadline. This was the second extension granted to the group after previously missing the July 5, 2023 deadline.

Serba Dinamik was originally supposed to submit the plan in January 2023, but was granted a six-month extension by Bursa Securities.

Serba Dinamik, once the darling of the local stock market, has been a loss-making company since its first quarter ended Sept 30, 2021 (1QFY2021).

For 2QFY2024, the group saw its net loss widen to RM251.54 million from RM89.7 million a year earlier, as revenue dropped 86.92% to RM13.83 million from RM105.8 million.

Serba Dinamik's shares remain suspended from trading. They were first suspended by Bursa Securities on Jan 18, 2023.

The group slipped into PN17 status on Jan 6, 2022, after its external auditor expressed a disclaimer of opinion on its audited financial statements for the 18-month financial period ended June 30, 2021.

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